Magazines, Time Inc. | featured news

Time Warner said Wednesday that it'll spin off its magazine division, Time Inc., as an independent, publicly traded company later this year, ending the company's talks to sell several magazine titles to Meredith Corp.

Time Warner Inc. Chairman and CEO Jeff Bewkes today announced the appointment of Laura Lang as Chief Executive Officer of Time Inc. Ms. Lang will join the company from Digitas Inc. where she served as Chief Executive Officer since 2008. She will become CEO of the largest U.S. publishing company, home to such iconic brands as PEOPLE, TIME, INSTYLE, and SPORTS ILLUSTRATED, in January 2012.

Ann Moore, the chief executive of Time Inc. -- the world's largest magazine publisher -- is stepping down from the company to be replaced by Jack Griffin, a group president of Meredith Corp., according to published reports.

Is there no end to this all-media bloodbath? Time Inc. is rolling out another round of layoffs today, right before the holiday season.

Signaling that worse times are ahead for magazines, Time Inc. is expected to announce next week that it will cut $100 million from costs, including another big round of layoffs.